Western Marine to build 10 cargo ships for Jindal Group - Share market analysis of dhaka stock exchange, Bangladesh
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26 April, 2015 11:58 AM Source: The Financial Express Bangladesh
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Western Marine Shipyard (WMS) has announced that the company has made a deal with the Indian business conglomerate Jindal Group for building ten (10) cargo ships.

The company disclosed this at a press conference in the city Saturday.

Industry Minister Mr. Amir Hussain Amu was present at the Press Conference as the Chief Guest while the Deputy High Commissioner of India Mr. Sandeep Chakravorty & Chairman of Bank Asia Limited Mr. A Rouf Chowdhury were Special Guests. Members of Western Marine's Board of Director were present in the conference including the Chairman Mr. Saiful Islam & Managing Director Mr. Sakhawat Hossain.

Western Marine signed agreement with Jindal Steel Works Limited on the 5th of March 2015 in Mumbai, India for building 10 units of Mini Bulk Carrier (MBC). The WMS will be building 6 units of these ships in the first phase in a row of two which are to be delivered in next 18 months and the rest 4 units will be built in the second phase after successful completion of the first phase. These ships will be built for about BDT 4.8 Billion (USD 61.25 million) which could be considered one of the highest worth contract that Bangladesh has signed with India so far.

Bank Asia Ltd is the financial partner to Western Marine for construction of first 2 ships of the series.

The ships will carry iron-ore and coal to the Steel Factory & Power Plant of Jindal in Joigarh and they will also carry out finished product-Steel Coils. The ships will be built under the class Indian Register of Shipping (IRS) having the compliance "RSV-4" which is the highest compliance for inland & coastal ships in India as per Indian Department of Shipping.

The Industry Minister Mr. Amir Hussain Amu said that Bangladesh & India has always shared a very strong relation and the government of India has supported us since our Independence.

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